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Goldman Sachs revised its earnings estimate for the year for U.S. companies to $165 per share, representing 0% growth in 2020, as a result of the coronavirus, CNBC reports. This is a dramatic break from the consensus forecast of Wall Street, which still calls for earnings to climb 7% this year.
“The U.S. economy grew at a healthy 3.1% rate in the first three months of this year, but signs are mounting that growth has slowed sharply in the current quarter amid slower global growth and a confidence-shaking trade battle between the United States and China,” the AP reports.
White House economic adviser Kevin Hassett said that the partial government shutdown “could suffocate the economy this quarter if it persists, leading to zero percent growth,” Politico reports.
“The U.S. economy expanded at a 3.5 percent pace in the third quarter as consumers opened their wallets, businesses restocked inventories and governments boosted spending, marking the strongest back-to-back quarters of growth since 2014,” Bloomberg reports.
The U.S. economy grew at a brisk 3 percent pace in the April to June quarter, the Commerce Department said Wednesday — a report likely to be welcomed by President Trump, who has repeatedly vowed he can propel the country to faster growth, the Washington Post reports.
“U.S. employers hired at a steady clip in November while the unemployment rate fell to the lowest level in nine years, signs of enduring labor-market growth that will likely leave Federal Reserve officials on track to raise interest rates later this month,” the Wall Street Journal reports. “Nonfarm payrolls rose by a seasonally adjusted 178,000 in November from the prior month, the Labor Department said. The unemployment rate dropped to 4.6% from 4.9% in October as some people found jobs while others dropped out of the workforce. At 4.6%, the rate is the lowest since August 2007. Economists expected 180,000 new jobs and a jobless rate of 4.9% in November.”
“U.S. economic growth accelerated last quarter, easing fears of a near-term slowdown but doing little to change the trajectory of a long but weak expansion,” the Wall Street Journal reports. “Gross domestic product expanded at a 2.9% annual rate in the third quarter, the Commerce Department said. That was stronger growth than the second quarter’s pace of 1.4%. Economists surveyed by The Wall Street Journal expected growth at a 2.5% pace for the July-to-September period. Last quarter’s growth rate was the fastest recorded in two years.”